f(x)Wallet Staking: A guide to staking FX and PUNDIX for FX tokens

Highlights

• 10,500,000 FX on-chain staking rewards will be distributed over 29 weeks for PUNDIX and FX token holders in FXWallet (10 weeks for staking calculation, 19 weeks for staking reward distribution). Staking period starts on 6th April, 2021 until 15th June, 2021.
• All receivable rewards will be released 5% immediately, the remaining 95% will be distributed in 19 weeks (5% /week).
• Every staking reward will need 19 weeks (133 days) to be fully unlocked. Please take note of your unlocked token schedule. YOUR ASSET YOUR RESPONSIBILITY. All unclaimed unlocked staking reward after 14:00 GMT+8 on 5th December 2021 shall be FORFEITED.
• Four steps (TSCU): 1. Transfer of FX, PUNDIX, ETH to FXWallet (or import your other blockchain wallet in FX Wallet); 2, Staking FX or PUNDIX or both in the smart contract; 3. Claim reward; 4. Receive the Unlock tokens when mature.
• Users can opt in or opt out anytime before the staking calculation period 15th June 2021.

Please note that staking for FX tokens is NOT mandatory. It’s optional for FX and PUNDIX holders to get familiar with the concept of the De-Fi staking and receive additional FX tokens through the staking process.

Before you stake

You need to have the following items to stake:

1. f(x)Wallet. Download it at https://download.functionx.io
2. FX or PUNDIX tokens plus ETH for the gas fee

Please note:

- When you are staking/redeeming tokens, and claiming the staking rewards, all are happening on the blockchain. To process the transaction on the Ethereum blockchain, paying Ethereum gas fees are necessary.

-All staking rewards need to be claimed or harvested before their respective deadlines.

How to participate staking via f(x)Wallet

Step 1. Tap “Stake now”.

Step 2. Tap “Select an Ethereum account”.

Each Ethereum address is an Ethereum account.  Slelect the address that your FX/PUNDIX balances in it.

Step 3 . After selecting the staking address, you will go into the staking page. Choose PUNDIX or FX or both to stake.

Step 4. Tap “Stake” button and start the staking process.

Step 5. Tap “Approve” first to approve your PUNDIX or FX to stake. Make sure your wallet have enough ETH gas fee to complete the approval process.

Step 6. After completing approval transaction, input the amount you want to stake.

Step 7. Tap “Send” and choose a suitable ETH gas fee to complete the staking process.

Now you will see your token locked in the smart contract under the “Staked” section.

IMPORTANT: For the first time you stake, you will need to approve the token before you can make the staking transactions. Approvals are one-off, which means they are needed only once per token, per wallet address. To complete an approval, a small amount of ETH fee is required for the transaction's gas cost. It will be two transactions to make before starting the stake.

Staking rewards calculation

A total number of 10,500,000 FX tokens will be distributed as staking rewards, with 66% (6,930,000 FX tokens) allocated for PUNDIX staking and 34% (3,570,000 FX tokens) for FX staking. 

• During the 10 weeks of staking calculation period, the smart contract will automatically distribute FX tokens to all stakers in the staking program.

Every second, 1.736111 FX tokens (150,000 FX daily) will be distributed, in which 1.14583333 FX tokens to PUNDIX depositors (99,000 FX daily), and 0.59027778 to FX depositors (51,000 FX daily). 

• The amount of FX staking reward you will receive is calculated based on the proportional share of your FX/PUNDIX deposit in the total FX/PUNDIX staking pool. 
• The amount of FX tokens you will receive will fluctuate as the total amount of staking pool changes.
• Increasing or decreasing the staking amount will also affect the amount of FX tokens you will receive. 
• If the holders decide to increase their FX/PUNDIX deposit, the additional FX allocation will be calculated as soon as the block is generated after the transaction is successfully completed. 
• If the holder decides to decrease/redeem their FX/PUNDIX deposit, their FX allocation will be re-calculated as the block is generated. 

FX token distribution

For the FX token rewards allocated to you per second, 5% of these rewards are available to be claimed immediately. The remaining 95% of these rewards will be locked for a period of 19 weeks, with a scheduled release of 5% every week over a span of 19 weeks via the f(x)Wallet. The release date of the weekly FX distribution may vary depending on the date of claiming.

“Earnings” are the rewards available to be claimed. Before you claim, the amount will keep increasing as 1) more FX tokens are allocated to you per second; 2) the remaining rewards continue to be unlocked. Each time you claim the FX token rewards, the smart contract will send all earnings available by the time you claim to your FX address, and the amount will be reduced to 0.

For claiming staking rewards , suggest to claim once at the staking rewards ended time( on 16-21th June, 2021) , and then claim all of the unlock rewards before 5th Dec 2021.

All remaining unlocked tokens shall be claimed before 5th Dec 2021 or else all unclaimed unlocked tokens will be forfeited.